1.1                          A bill for an act
  1.2             relating to property taxes; providing a property tax 
  1.3             credit for property damaged by tornado; appropriating 
  1.4             money. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [BROWN COUNTY PROPERTY TAX CREDIT; PROPERTY 
  1.7   DAMAGED BY TORNADO.] 
  1.8      Subdivision 1.  [DETERMINATION.] A property tax credit for 
  1.9   taxes payable in 1999 shall be issued to any property in Brown 
  1.10  county that contains a structure that has been determined by the 
  1.11  assessor to have lost over 50 percent of its estimated market 
  1.12  value due to wind damage sustained on March 29, 1998, excluding 
  1.13  residential homestead property and the portion of agricultural 
  1.14  homestead property consisting of the house, garage, and 
  1.15  surrounding one acre of land.  The amount of the credit is 75 
  1.16  percent of the amount by which the net tax capacity of the 
  1.17  structure was reduced by the wind damage, multiplied by the 
  1.18  payable 1999 total local net tax capacity tax rate, plus 75 
  1.19  percent of the amount by which the referendum market value of 
  1.20  the structure was reduced by the wind damage, multiplied by the 
  1.21  payable 1999 total market value tax rate. 
  1.22     Subd. 2.  [CERTIFICATION.] The amount of credit issued 
  1.23  under this section shall be reported to the commissioner of 
  1.24  revenue by June 30, 1999, in a form prescribed by the 
  1.25  commissioner.  The commissioner may require the county to 
  2.1   provide other information necessary to verify the accuracy of 
  2.2   the credit amounts submitted. 
  2.3      Subd. 3.  [PAYMENT.] The commissioner shall make payments 
  2.4   equal to the amount of credits issued directly to the affected 
  2.5   taxing authorities by September 30, 1999. 
  2.6      Subd. 4.  [APPROPRIATION.] The amount necessary to fund the 
  2.7   payments required under this section is appropriated from the 
  2.8   general fund to the commissioner of revenue in fiscal year 2000. 
  2.9      Sec. 2.  [EFFECTIVE DATE; LOCAL APPROVAL.] 
  2.10     Section 1 is effective the day following compliance by the 
  2.11  governing body of Brown county with Minnesota Statutes, section 
  2.12  645.021, subdivision 3, for property taxes payable in 1999.